Star Bulk fixes financial position

Star Bulk has moved to fix its financial position. The New York-listed outfit has managed to put $224m of loans back by a couple of years and kicked off a $51.5m equity raise, hinting that the dry bulk downturn is here to stay through to 2019.

Petros Pappas, ceo of Star Bulk, commented: “We are pleased to announce today an agreement with our lenders including a waiver of approximately $223.9m in debt principal repayments until June 30, 2018, as well as waivers or substantial relaxation of our financial covenants until the end of 2019. This agreement assists our company to successfully weather current market conditions even if they were to last well into 2019, and positions us to take advantage of a subsequent market upturn.”

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.